Sterling Market Commentary for Tuesday June 4th, 2013
A Look at the Market Since Our Last Update: It has been a busy couple of months, and unfortunately we have not posted a blog in almost 3 months, not since March 7th, 2013 to be exact. I thought it would be a good idea to see where things closed on the date of our last update and see how they fared in our absence. On Wednesday March 6th, the following items that we normally track closed at these levels and we had the following commentary.
Dow Jones Industrial Average: On March 6th, the Dow Jones Industrial Average closed at 14,296.24 Our Prediction: We predicted the Dow Jones Industrial Average would move higher and test 14,677.92 on a closing basis. Actual Results: Since our last publication, the Dow Jones Industrial Average reached a closing high of 15,409.39 on May 28th before closing yesterday at 15,299.85 Net Result: Stated Upside Target Exceeded.
NASDAQ Composite Index: On March 6th, the NASDAQ Composite Index closed at 3,222.37 Our Prediction: We predicted the NASDAQ Composite would move higher and test 3,514.77 on a closing basis. Actual Result:? Since our last publication, the NASDAQ Composite set a closing high of 3,502.12 on May 21st, and an intra-day high of 3,532.04 on May 22, before closing yesterday at 3,465.37 Net Result: Upside Target Exceeded.
S&P 500: On March 6th, the S&P 500 closed at 1,541.46 Our Prediction: We predicted the S&P 500 would move higher and test 1,575.21 on a closing basis.? Actual Result: The S&P 500 moved higher and closed at 1,669.16 on May 21st, before closing at 1.640.42 yesterday. Net Result: Upside Target Exceeded.
Dow Jones Transportation Average: On March 6th, the Dow Jones Transportation Average closed at 6,110.93 Our Prediction: We predicted the Dow Jones Transportation Average would move higher and test 7,197.77 on a closing basis. Actual Result:? The Dow Jones Transportation Average moved higher and closed at 6,549.16 on May 17th, before closing at 6,288.27 yesterday. Net Result: Upside Target Not Achieved
Oil: On March 6th,? the price of WTI Oil closed at $91.57,? Yesterday it closed at $93.45 per barrel. An increase of $1.88 per barrel.
Gold: On March 6th, the price of Gold closed at $1,576.80 per ounce.? Yesterday it closed at $1,411.70 per ounce.? A decrease of $165.10 per ounce.
Wheat: On March 6th, the price of Wheat closed at $6.886 per bushel.? Yesterday it closed at $7.086 per bushel.? An increase of $0.20 per bushel.
Corn: On March 6th, the price of Corn closed at $6.716 per bushel.? Yesterday it closed at $6.556 per bushel. A decrease of $0.33 per bushel.
Soybeans: On March 7th, the price of Soybeans closed at $14.486 per bushel.? Yesterday it closed at $15.324 per bushel.? An increase of $0.838 per bushel.
A Few Thoughts on the Upcoming Market: In looking at the charts from yesterday’s trading activity, it looks like the interest rate sensitive stocks are starting to come under pressure.? The Utilities have been in decline for a while and other industries that are very capital intensive appear to be starting to pullback. The rest of the market appears to be staying at the punchbowl and drinking as much Kool Aid as possible.? We are going to start taking a more in depth look at the markets and the high volume indices again and expect to be back to publishing our usual insight into the market shortly.
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